type of taxes
What tax is taken directly out of your paycheck by the government?
Income tax
What is the main reason governments collect taxes?
To raise money for government services
What document shows how much money you earned and paid in taxes during the year?
A W-2 form
What is the safest place to keep your money?
A bank
What is inflation?
The increase in prices over time
What type of tax is added to items you buy at stores?
Sales tax
Name one thing taxes help pay for.
Roads, schools, military, healthcare, or police/fire departments
What is the money left from your paycheck after taxes called?
net pay
What is money borrowed from a bank called?
A loan
What is the term for someone who buys many products quickly and cheaply from trendy stores?
A fast fashion consumer
What tax is placed on products like cigarettes and alcohol?
sin tax
What branch of the U.S. government controls the federal budget and spending bills?
congress
What program helps retired workers and is funded through payroll taxes?
social security
What is interest?
The cost of borrowing money or money earned from saving
What are microplastics?
Tiny pieces of plastic that pollute the environment
What tax do homeowners pay based on the value of their house or land?
property tax
what is the national debt?
The total amount of money the U.S. government owes
What does FICA stand for?
Federal Insurance Contributions Act
What happens when a bank loans out more money than it can back up with cash?
It can become unstable or fail
Why are synthetic fabrics like polyester harmful to the environment?
They release microplastics into water systems
What type of tax charges higher-income earners a larger percentage of their income?
progressive tax
What is it called when the government spends more money than it collects in taxes?
A budget deficit
What amendment allowed the federal government to collect income taxes?
The 16th Amendment
What government organization insures bank deposits in the United States?
The FDIC (Federal Deposit Insurance Corporation)
What economic principle explains how customer demand affects what companies produce?
Supply and demand